DAILY MARKET WRAP

Bulls Roar – KSE 100 Crosses 97,000 Marks!

The Pakistan Stock Exchange (PSX) witnessed an upbeat session on Thursday, with the benchmark KSE-100 Index surging past the 97,000 marks. Investor confidence seemed revitalized as indices remained in positive territory for most of the trading session.

Equity markets around the globe showed mixed trends. Crude oil prices moved north with WTI crude oil prices rising by 1.70% to $69.92. While Brent crude oil price was up by 1.57%To $73.95. (As at 3:55 PM PST, Source: Investing.com).

During the session, the KSE-100 briefly entered the red losing 246.24 pts to touch an intraday low of 95,300.21. However, a rebound followed pushing the index to an intraday peak of 97,437.15 up by 1,890.70 pts. Ultimately, the index closed at 97,328.40 registering a gain of 1,781.94 pts. The KMI-30 Index rose by 1,713.94 pts to close at 146,209.64, while the KSE All-Share Index added 950.47 pts ending the session at 62,132.64.

Trading activity, however, witnessed a downturn with total market volumes shrinking to 969.02 mn shares from 1.14 bn shares in the previous session. Worldcall Telecom Limited (WTL +7.81%), Pace (Pakistan) Limited (PACE +5.83%) and Kohinoor Spinning Mills Limited (KOSM -6.46%) were the top volume leaders, with 95.56 mn, 51.49 mn and 48.26 mn shares traded, respectively.

Sector-wise, the Fertilizer sector contributed the most to the KSE-100’s upward movement, adding 1,155.71 pts, followed by the Oil and Gas Exploration sector (+135.07 pts) and the pharmaceuticals sector (+123.60 pts). On the corporate front, Fauji Fertilizer Company Limited (FFC, +675.25 pts), Engro Fertilizers Limited (ENGRO, +205.36 pts) and Engro Corporation Limited (ENGRO, +115.39 pts) emerged as top contributors to the index's gains.

The Fertilizer sector gained 7.67% in its cumulative market capitalization. Fauji Fertilizer Company Limited (FFC +10.00%), Engro Fertilizer’s Limited (EFERT +5.29%), Engro Corporation Limited (ENGRO +4.12%) and Fatima Fertilizer Company Limited (FATIMA +8.87%), all closed in green.

Values as at 04:15